• Report: #602628

Complaint Review: Capital One Bank Credit Card

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  • Submitted: Wed, May 12, 2010
  • Updated: Wed, May 12, 2010

  • Reported By: Susan — DeRidder Louisiana United States of America
Capital One Bank Credit Card
Internet, Select State/Province United States of America

Capital One Bank Credit Card, Capital One Credit Card Removed Active Acct from Credit Reports, Erased Our Scores Internet

*Author of original report: Misperception

*Consumer Comment: Questions..

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My husband and I started trying to buy a house in Jan-2010. On Jan 2nd, we checked our credit reports as always, no issues almost all 700's and 800's. We've had this card together for five years and him alone for twelve.

Our lender on Jan 29th checks our credit still no problems. In March, try to get rate comparison from another lender, only one score out of six showing. This score was below 700. Nothing was changed between Jan and March, no late pays, no new accounts, no closing of accounts, no loss of job, no change in income, and spending on card less than 1%. We use card every month, pay off balance every month. The one score we can get, report says no use of revolving credit.

We call Capital One to ask what the problem is, they say it isn't them, card is reporting correctlly. This is our only open active card for the last 5 years, they say it is impossible they are the problem. We call credit agencies, put in disputes, they all say Capital One is causing the problem, they can't help.

We continue to repeatedly call Capital One, no help, meanwhile our mortgage deal is going to be cancelled ,causing us to loss all the money spent on inspections, appraisals, ect... We send complaints to the FCRA site, BBB, State Attorney General, and even a few financial sites like Bankrate.com to get help.

Capital One has since responded by deleteing this credit card usage from our reports, until finally the BBB complaint caused them to reinstate my husbands report. Now at least he has scores. However, they refuse to reinstate mine saying I am an authorized user, so it won't affect my reports. We send proof, Jan it was reporting I had scores, March, not reporting, I have no scores. This whole process is being dragged out on purpose to retaliate for our complaints. Their policy, they say is to remove card acct. from credit reports upon complaint. Nice to know after the fact. However. still no clue as to why it stopped in the first place and each call ruder and ruder.

Meanwhile, we can't go to any other lenders or finailize a once in a lifetime house we will never get a chance at again. We've been saving 20 years and for the last five being very careful to keep our credit clean, never complianed ,even when they've raised our rates and then lowered, then raised again.

There was no reason to ruin our credit like this, and there seems to be no sanction for this behavior. No one can make them fix this, no laws force them to report correct usage. However, I bet if we stopped paying it would show up toot sweet.

This may not seem like a big ripoff to most people, considering how bad Capital One is in these other posts. However when you see a 20 year dream being ripped away from you for no reason, trust me it's a big deal. They just keep repeating over and over, it's reporting correctly, it can't affect your score. I just want to climb on a plane to India and make someone eat the reports showing it does affect our scores. Thanks to all these inquiries trying to check for scores, even the reports we can get are lower.

If we had know this could happen we would have set up another credit line of some other kind, but once you start the loan process this will make it worse. Don't have Capital One as your only source of credit. Better yet don't use them at all, we intend to never use them again, if we can ever get an actual mortgage to go through despite them.


This report was posted on Ripoff Report on 05/12/2010 12:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-One-Bank-Credit-Card/Internet-Select-StateProvince-/Capital-One-Bank-Credit-Card-Capital-One-Credit-Card-Removed-Active-Acct-from-Credit-Repo-602628. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Misperception

AUTHOR: Susan - (United States of America)

This in reply to the rebuttal of this report. Yes of course we checked our credit reports. The credit agencies in the first dispute said Capital One stopped reporting our usage of revolving credit. So no scores. Capital One said no it's reporting correct. Credit agencies then said now Capital One has instructed us to delete this account from your reports. Again no scores. Capital One says all disputes cause this deletion.

I know that income ect... doesn't affect  my reports. I was making a blanket statement that the only thing that changed from Jan to March was Capital One not reporting our credit history usage correctly.

The credit inquiries were from different lenders over the 3 months trying to access our credit for this mortgage. I know my inquiries don't affect it. I have researched and communicated about this with many people and websites, including financial lawyers. I have no misperceptions of how credit works, except for my misperception that Capital One would report our revolving credit usage correctly. We have usage and bills every month for the last five years showing usage, good standing, and no other payment malfunctions.

Bottom line, Capital One deleted out current active, in good standing account; for no valid reason and because it was our only active account, thus erased our credit scores. So yes, they were reporting incorrectly, they were reporting we weren't using our revolving credit and then when we disputed this, because we have bills to prove we are using our revolving credit every month, they deleted the accounts from our reports. I have all of this in multiple credit reports, emails, letters, and verbal communications spanning the last 4 months. So please don't judge something you know nothing about.

 

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#2 Consumer Comment

Questions..

AUTHOR: Robert - (U.S.A.)

You say that you called the CRA and put in a dispute.  What did you dispute?  Did you ever look at a copy of your report BEFORE you put in the dispute? When the CRA said that Capital One was the issue, exactly what did they say the issue was?

Now, just keep in mind that the FCRA does not require a company to report anything to your credit report.  The only requirement is that if they do report it, the information must be correct.

Also, you appear to have at least a couple of misconceptions of how credit scoring works.  Your Income or Job Status has zero effect on your report or your score.  A Credit Inquiry is the item that will effect your score the least, and unless you are a "borderline" score it will not effect the terms you get.  If YOU request your report or score it has zero effect on your credit score and report.  If you are shopping for a house and have multiple inquiries, they only count as one in a 30 day period.  This is because they know you are going to "rate shop" but in the end you are only going to get one loan.

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